Vancouver, BC – Metallic Minerals Corp. (TSX.V: MMG; OTCQB: MMNGF) (“Metallic Minerals” or the “Company”) announces that, pursuant to its Investor Rights Agreement (the "IRA") dated May 18, 2023 with Newmont Corporation (“Newmont”), Newmont has elected to exercise its 'top-up right' to purchase additional common shares in order to maintain its 9.5% interest in Metallic Minerals. Under the terms of the IRA, Newmont will purchase an aggregate of 342,750 common shares at a price of $0.33 per share (the "Top-Up Price") to adjust for certain non-cash transactions completed by the Company over the past 6 months.
Metallic Minerals announced the latest results from exploration at the La Plata project on April 16th, 2024. Exploration at La Plata was funded by a $6.3 million strategic equity investment from Newmont announced May 2023. Newmont has provided technical support and expertise to the La Plata project team through the joint technical committee, which has included multiple site visits and assistance with geologic and geophysical interpretations and hyperspectral data acquisition. These contributions are expected to continue in 2024 and may include Newmont providing experienced personnel to the project for enhancing surface data acquisition, geologic mapping, and geophysics.
Metallic Minerals President, Scott Petsel, stated, “We are very pleased with the ongoing collaboration and support from Newmont on the La Plata project. Our latest drill results demonstrate the potential of the La Plata project to be a district-scale, precious-metal-rich porphyry system with multiple holes returning from 500 to 900 meters of continuous mineralization starting from surface and including some of the highest grade-times-thickness values for copper drill holes in the U.S. over the last year1. Resource modelling is currently underway to integrate the recent drilling results into an updated resource estimate for the project. The main Allard deposit remains open to expansion at depth and along trend, and more than 20 new surface targets have been identified which may represent additional porphyry centers. Final planning is in progress for the 2024 exploration campaign which is anticipated to include resource expansion drilling with a focus on the higher-grade porphyry units at the Allard deposit and first drill testing of new priority targets outside of the Allard resource area.”
The placement is subject to final approval by the TSXV.
About Metallic Minerals
Metallic Minerals Corp. is a resource-stage mineral exploration company, focused on copper, silver, gold, and platinum group elements in top North American mining jurisdictions. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources, and advancing projects toward development.
At the Company’s La Plata project in southwestern Colorado, the expanded 2023 NI 43-101 mineral resource estimate highlights a significant porphyry copper-silver resource containing 1.2 Blbs copper and 17.6 Moz of silver, with numerous additional targets showing potential for a district scale porphyry system. In May 2023, the Company announced a 9.5% strategic investment by Newmont Corporation (previously Newcrest Mining which was acquired by Newmont Corporation in November 2023). The U.S. Geological Survey (“USGS”) has identified the La Plata mining district as a potential critical minerals resource area under the Earth Mapping Resources Initiative program and in 2023 completed significant geologic and geophysical studies to enhance understanding of the critical mineral occurrence in the district. In the 2023 Fraser Institute’s Annual Survey of Mining Companies, Colorado ranked 5th globally for investment attractiveness and 2nd in the USA.
In Canada’s Yukon Territory, Metallic Minerals has consolidated the second-largest land position in the historic high-grade Keno Hill silver district, directly adjacent to Hecla Mining Company’s operations, with more than 300 Moz of high-grade silver in past production and current M&I resources. The new 2024 Resource Estimate at the Company’s Keno Silver Project adds 18.16 Moz silver equivalent to the Company’s total resources. Hecla is the largest primary silver producer in the USA and soon to be Canada’s largest with full production at its Keno Hill operations in 2024.
The Company is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators.
All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in North America, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team is committed to responsible and sustainable resource development and has worked closely with Canadian First Nation groups, US Tribal/Native Corporations, and local communities to support successful project development.
Footnotes:
1.) As documented by www.juniormininghub.com
FOR FURTHER INFORMATION, PLEASE CONTACT:
Website: www.mmgsilver.com Phone: 604-629-7800
Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420
Forward-Looking Statements
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, statements about expected results of operations, royalties, cash flows, financial position and future dividends as well as financial position, prospects, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, unsuccessful operations, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration, development of mines and mining operations is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
